AWK American Water Works Company Inc.

West Virginia American Water Completes Acquisition of Town of Cedar Grove Water System

West Virginia American Water announced today that it has completed its acquisition of the Town of Cedar Grove’s water distribution system. The company now owns and operates the system as part of its Kanawha Valley system.

The Town of Cedar Grove, which served approximately 395 customers along Rt. 60 in Kanawha County, has struggled to maintain adequate service to its customers in recent years. Additionally, the town no longer had the means to continue maintenance and infrastructure upgrades on its water treatment plant and distribution system.

“We are very pleased to receive the Public Service Commission’s approval to acquire the Town of Cedar Grove’s water system,” said Robert Burton, president of West Virginia American Water. “We look forward to serving the town’s residents, and we thank Mayor James Hudnall for the many months of planning and discussions to get us to this point. West Virginia American Water will now take the necessary steps to provide Cedar Grove residents with quality, reliable water service for many years to come.”

Earlier this year, the Town of Cedar Grove determined that it was in the best interest of its customers to sell its distribution system to West Virginia American Water. Town officials noted that customers would benefit by receiving more reliable water service as a result of improved operation and maintenance of the system and investments by the company. The company recently acquired water distribution systems in the neighboring towns of Glasgow and East Bank over similar concerns.

West Virginia American Water has established an interconnection between the company’s water lines in Kanawha County and the town’s water system and will continue to make needed investments in the town’s water distribution system to reduce leakage, improve water quality, and provide more reliable service.

Effective today, Town of Cedar Grove water customers will become customers of West Virginia American Water. The average residential customer in Cedar Grove using 3,000 gallons will receive a water bill of $43.46 per month. Cedar Grove rates will increase annually until October 6, 2023 when customers reach the company’s standard rates as set by the Public Service Commission of West Virginia. Qualified customers may be eligible for a discounted rate through the company’s Special Reduced Rate program. Customers in need of financial assistance are encouraged to or call customer service at 1-800-685-8660.

West Virginia American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water services to approximately 545,000 people. With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 7,000 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to 15 million people in 46 states. American Water provides safe, clean, affordable and reliable water services to our customers to help make sure we keep their lives flowing. For more information, visit and follow American Water on Twitter, Facebook and LinkedIn.

Connect with us: ● ● ● Instagram: @wvamwater

EN
06/10/2021

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on American Water Works Company Inc.

American Water Works Company, Inc.: Update to credit analysis

Our credit view of this issuer reflects its geographically diverse holdings with operations in 24 states, constrained by its steady dividend growth expected over next five years.

American Water Works Company Inc: 1 director

A director at American Water Works Company Inc sold 2,825 shares at 143.280USD and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last ...

American Water Works Company, Inc.: Update to credit analysis

Our credit view of American Water reflects its geographically diverse holdings with operations in 24 states, constrained by its steady dividend growth rate ranging 7-9% over next five years.

American Water Works Company, Inc.: American Water cyber breach carrie...

A 3 October cyber incident disrupted customer service and may negatively affect customer relations and increase regulatory scrutiny.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch